Three Money Management and Saving Tips for Teens

Teenagers are incredibly powerful investors, not because they usually have a whole lot of money to manage, but because they have something even more valuable: time. They have the power of compounding interest, which Albert Einstein called the most powerful force in the universe.

If a person starts putting away only $20 a week at age fifteen, and does it every week, they can easily retire with a million dollars, with only average earnings on that money over time. To show the power of being fifteen, if that person waits ten years and starts saving $20 a week at age twenty-five, that million dollars will be reduced to $450,000 by retirement age. Make life easier, start saving early and save a little each week.

Tip #2: Stay in School and Study Hard.

More education means more money, which means more fun, which means more happiness. It is that simple. If you want to have a fun and happy life, stay in school as long as you can. Getting a high school diploma increases our average pay by twenty five percent.

Tip #3: Having Children.

Having a child as a teenager is the easiest way to throw ourselves and our children into poverty for the rest of our lives. Being a parent makes it hard to handle school, so many young parents drop out of school as well. It takes $12,000 a year to take care of a baby. High school dropouts make minimum wage, about $8.00 per hour or $16,000 per year. Sixteen thousand dollars for the family minus twelve thousand for the baby equals poverty for everyone.

Jonathan Carr is a former financial adviser and author of "Fixing Capitalism," available on Lulu.com and other online booksellers.

The Potty Whisperer, Adriana Vermillion gives parents advice, tips, and information on potty training children, from what age children should begin potty training, to facing difficulties and challenges with the potty training process.

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NYMetroParents is the parenting division of Davler Media Group and encompasses 9 regional print magazines within the greater NY metro region as well as the website (nymetroparents.com). Following the success of the first NYC parenting resource book, "Big Apple Baby," BIG APPLE PARENT was launched in 1985; it is now the largest publisher of regional parenting content in the United States.

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